Years of losses and two failed mergers have caused the ultra-low-cost carrier’s stock price to tumble 92% in the past year. But Spirit says it will bounce back.

Spirit Airlines has filed for Chapter 11 bankruptcy protection, the company announced Monday morning.

Budget carrier Spirit Airlines announced early Monday that it has filed for Chapter 11 bankruptcy, saying it expects to spend the next year going through the process.

South Florida-based Spirit Airlines filed a pre-planned Chapter 11 bankruptcy petition in New York and will continue operations as it seeks to reduce its debt load and return to profitability

Spirit said it expects to operate as normal as it works its way through a prearranged Chapter 11 bankruptcy process and that customers can continue to book and fly without interruption. All tickets, credits and loyalty points remain valid, the airline said, as are affiliated credit cards and other membership perks.

Spirit Airlines has filed for Chapter 11 bankruptcy protection, becoming the first major U.S. passenger carrier to do so since American Airlines 13 years ago.

Spirit Airlines announced its intentions to continue flying despite filing for a “prearranged” Chapter 11 bankruptcy protection that helps them stay in business, stated a press release. The bankruptcy filing comes after the agency faced sweeping losses and immense debt,

Routes to and from Norfolk using Spirit Airlines won’t be impacted by the company’s bankruptcy filing this week.